Correlation Between Everdisplay Optronics and PetroChina
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By analyzing existing cross correlation between Everdisplay Optronics Shanghai and PetroChina Co Ltd, you can compare the effects of market volatilities on Everdisplay Optronics and PetroChina and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Everdisplay Optronics with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Everdisplay Optronics and PetroChina.
Diversification Opportunities for Everdisplay Optronics and PetroChina
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Everdisplay and PetroChina is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding Everdisplay Optronics Shanghai and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and Everdisplay Optronics is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Everdisplay Optronics Shanghai are associated (or correlated) with PetroChina. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PetroChina has no effect on the direction of Everdisplay Optronics i.e., Everdisplay Optronics and PetroChina go up and down completely randomly.
Pair Corralation between Everdisplay Optronics and PetroChina
Assuming the 90 days trading horizon Everdisplay Optronics Shanghai is expected to under-perform the PetroChina. In addition to that, Everdisplay Optronics is 1.43 times more volatile than PetroChina Co Ltd. It trades about -0.07 of its total potential returns per unit of risk. PetroChina Co Ltd is currently generating about -0.01 per unit of volatility. If you would invest 837.00 in PetroChina Co Ltd on October 26, 2024 and sell it today you would lose (11.00) from holding PetroChina Co Ltd or give up 1.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Everdisplay Optronics Shanghai vs. PetroChina Co Ltd
Performance |
| Timeline |
| Everdisplay Optronics |
| PetroChina |
Everdisplay Optronics and PetroChina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Everdisplay Optronics and PetroChina
The main advantage of trading using opposite Everdisplay Optronics and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Everdisplay Optronics position performs unexpectedly, PetroChina can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in PetroChina will offset losses from the drop in PetroChina's long position.| Everdisplay Optronics vs. Chengdu Kanghua Biological | Everdisplay Optronics vs. Suzhou Novoprotein Scientific | Everdisplay Optronics vs. Aluminum Corp of | Everdisplay Optronics vs. COL Digital Publishing |
| PetroChina vs. Heilongjiang Transport Development | PetroChina vs. Unisplendour Corp | PetroChina vs. Strait Innovation Internet | PetroChina vs. Beijing Seeyon Internet |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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